Upgrading to ChainX 2.0-How it Works

We have made a summary of the migration process from ChainX 1.0 to ChainX 2.0. We trust this gives users and node operators more insight into what will happen after the ChainX 1.0 mainnet is suspended. If you still have questions after reading the article, our councilors will be available in our Telegram @chainx_org to answer.

Users are not required to do anything during the migration. Please save your mnemonic phrase as your wallet needs to be re-imported on the 2.0 network.
Node operators need to manually make their nodes join the network during the PoA period.

Step 1: Waiting period

The ChainX 1.0 network will be suspended at block height 23170000 (Around 9 PM UTC+8 on Wednesday the 24th of November 2020). The new 2.0 chain will be started from this point by the development team, and users only need to wait for the process to finish. From this point forth, the staking income of the whole network stops. This waiting period lasts for 5–10 hours.

1. All on-chain operations will be stopped. Users only need to save the mnemonic and wait for the network upgrade to complete.

After the 1.0 network stops running, users will not be able to perform any on-chain operations, including transfers, voting, interest claiming, etc. Users do not need to worry about the security of their assets, as long as they have saved their mnemonic, keystore, or private key. After the 2.0 mainnet is launched, re-import the account through the 2.0 wallet page.

2. What if I lost my mnemonic?

If you lost your mnemonic, you can export your private key or keystore from the 1.0 wallet at any time. After the 2.0 mainnet is launched, you can restore your account through the exported keystore or private key.

3. Will users still have staking revenue during the chain suspension period?

During this period, all functions on the chain will be stopped, staking will also be stopped. The staking module will be restored after the 2.0 network is launched.

Step 2: PoA Period

Five genesis nodes start the ChainX 2.0 mainnet using PoA. The team will continue to add nodes until the number of validators reaches a suitable number between 30–50 according to the actual situation. This period lasts for roughly 48 hours.

At around 7 AM UTC+8 on November 25th, users can check whether their wallet status imported in the genesis block is correct. This period will last for 5 hours.

After the network is stable, the node registration, election, and transfer functions will be enabled. The number of validators will be gradually increased as the network allows it.

At this time, nodes can join the main network in batches according to the released quota. Please pay attention that Nodes need to participate in the election manually.

1. Can users vote during the 5 genesis nodes period?

During this period, users cannot vote, and the network mining power is allocated to the five genesis nodes.

2. When will the user’s staking income be restored?

As nodes join the network, they will start to normally generate staking income. Nodes that have not joined have no staking income.

Step 3: Stable Period: about 24 hours

When the previous step is completed successfully, the network enters an observation period. The team will use Sudo to enable functions such as voting, on-chain governance, and other functions. When this is complete, PCX holders can participate in voting and the election of a parliament. The BTC deposit and withdrawal and DEX functions are temporarily unavailable, please follow the ChainX community announcement for the specific time for these.

1. When can I deposit to and withdraw from an exchange?

After the ChainX mainnet deposit and withdrawal function is activated, the exchange can determine its specific opening date according to its own network conditions. For details, please follow the announcements of each exchange.

2. After the 2.0 upgrade, can the 1.0 wallet still be used?

No, after the 2.0 upgrade, we will no longer maintain the 1.0 wallet and disable all functions, but you can open the 1.0 wallet at any time to export the private key. Please use the mnemonic, private key, or keystore to import your account as soon as possible to the 2.0 wallet.

Step 4: Remove Sudo

After everything is completed the team will initiate a proposal to remove Sudo through the on-chain governance process. This needs to be completed within one month after 2.0 going online.

Sudo is a kind of super authority. With it, the team can control some functions of the network to prevent any security issues during network upgrades and allow them to respond quickly to faults and errors.

Users are not required to do anything during the migration. Please save your mnemonic phrase as your wallet needs to be re-imported on the 2.0 network.
Node operators need to manually make their nodes join the network during the PoA period.

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ChainX

ChainX

ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.